Summary
Saga is a Layer 1 blockchain protocol built on Cosmos that allows developers to deploy parallelized, VM-agnostic dedicated chains called Chainlets, with a primary focus on gaming applications. The SAGA token launched on April 9, 2024 at an all-time high of approximately $7.53, but had declined roughly 99% from that peak by late 2025. In January 2026, the protocol's SagaEVM chainlet suffered a $7 million smart contract exploit that drained bridged assets, caused the Saga Dollar stablecoin to depeg, and led to a 55% TVL crash.
Connected Entities
1 entitiesTimeline(10 events)
2022-05-19
Saga raises $6.5 million seed round at a $130 million valuation from investors including Maven 11, Hypersphere, Samsung Next, and Polygon Studios.
2023-01-01
Saga raises a $5 million seed extension round led by Placeholder, bringing total funding to over $13.5 million.
2024-04-05
Saga listed on Binance Launchpool as project #51; over $13.4 billion staked in under 24 hours, making it the largest Launchpool in Binance history.
2024-04-09
Saga mainnet launches and SAGA token begins trading. Token reaches all-time high of approximately $7.53, then begins a sustained decline. Community Genesis Airdrop distributed to over 200,000 wallets.
2024-04-01
Saga reveals 'Power Level Over 9000' ongoing airdrop program distributing $10 million in tokens across partnerships with over 100 projects.
2025-10-10
SAGA token reaches all-time low of approximately $0.053, representing a decline of roughly 99% from the April 2024 all-time high.
2026-01-21
SagaEVM chainlet suffers a $7 million smart contract exploit. Attacker exploits an inherited Ethermint EVM precompile vulnerability to mint unbacked Saga Dollar (D) stablecoins, converts to ETH, and launders funds through Tornado Cash. Saga pauses SagaEVM at block 6,593,800.
2026-01-22
Saga Dollar stablecoin depegs to $0.75. Protocol TVL crashes approximately 55% to $16 million. SAGA token falls to $0.053. Saga identifies exploiter wallet and coordinates blacklisting with exchanges.
2026-03-01
Saga begins implementing ICS-20 security patch from Cosmos ecosystem as part of SagaEVM remediation process.
2026-05-12
SAGA token experiences anomalous 171% price surge in 24 hours with $582 million trading volume against approximately $19.5 million market cap.
Decision Log
- hash: Y5Uap71gHfuur5DrSVv8sP4Kr8rxvDjJbRiXinmBYpD
This investigation is cryptographically anchored to the Solana blockchain and source URLs are archived via the Internet Archive.
model: claude-sonnet-4-6
generated: 5/4/2026, 2:54:13 AM
last updated: 5/26/2026, 7:42:41 PM
avoid.net — verified advice for a post-truth world